Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
Filing a belated return is far better than not filing at all.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
The income tax department will allow people to file 'belated return' until December 31.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
Deductions missed in Form 16 can still be claimed while filing ITR.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Learn to track your ITR's progress and correct any errors.
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
rediffGURU T S Khurana answers readers' personal income tax queries.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
Income Tax department has introduced a new facility this financial year 2009-10 (AY 2010-11) for viewing your tax payments made it is called 'Tax Credit Statement' or PAN LEDGER or Form 26AS.
ITRs with zero tax liability have increased to 55.7 million in FY25.
It is advisable to file your ITR right away and not rely on potential extensions.
Form 16 contains details of salary income, deductions, and exemptions.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
It is important to have the necessary documents on hand to verify the information in the form.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Missing the deadline for filing Income Tax returns can lead to consequences.
Failure to disclose any income can lead to penalties and legal issues.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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